In connection with the Commission’s review of the Issuer’s continuous disclosure record, the Issuer included substantially enhanced disclosure in the annual MD&A for the year ended December 31, 2024, in order to rectify material deficiencies identified by staff in the MD&A for the interim period ended September 30, 2024.

The Issuer filed an amended and restated technical report on the Davidson Project to address several concerns regarding disclaimers on engineering studies, provide further details on the qualified person site visit, inclusion of cautionary language for disclosure of historical mineral resource estimates, further disclosure involving the QP’s opinion past data was reliable for the resource estimate and assumptions used in estimating the mineral resource including mining costs.

In connection with staff’s issuer-oriented review of the Issuer’s continuous disclosure record, the Issuer filed its Annual Report on Form 20-F for the year ended October 31, 2024 on SEDAR+ to comply with subsection 11.1(b) of NI 51-102.

In connection with a continuous disclosure review by Staff of the Ontario Securities Commission with respect to prior disclosure regarding the Island Gold Mine, the Issuer’s press release acknowledged the use of inferred mineral resources in economic analyses, including production schedules, mine life and cash flow models in prior technical reports on the Island Gold Mine. Such disclosure was prohibited under paragraph 2.3(1)(b) of NI 43-101 which restricts public disclosure of the results of an economic analysis that includes or is based on inferred mineral resources. In addition, NI 43-101 incorporates by reference the CIM Definition Standards (2014) which states that inferred mineral resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed prefeasibility or feasibility studies, or in the life of mine plans and cash flow models of developed mines. The 2025 Base Case Island Gold District Technical Report to be filed within 45 days is being prepared and will be disclosed without the inclusion of inferred mineral resources in economic analyses, including production schedules, mine life and cash flow models and will supersede any prior technical reports published by Alamos with respect to the Island Gold Mine.

The issuer issued a press release, on February 20, 2025, announcing a binding business combination agreement for a merger of the subsidiaries of the Issuer and Arcore AG (Arcore), a privately-owned Switzerland based lithium mining company. The press release disclosed a mineral resource estimate (MRE) for Arcore’s Lopare Lithium Project (Lopare Project). The MRE was prepared in accordance with Australian JORC Code 2012 guidelines and is not compliant with the disclosure guidelines in NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). The press release also triggered the requirement, under subparagraph 4.2(1)(j)(i) of NI 43-101, for the issuer to file an independent technical report within 45 days to support first-time written disclosure of the mineral resource estimate for the Lopare Project. Since the Issuer did not meet the requirement to file the independent technical report, it issued a press release clarifying that the previously disclosed MRE is a “historical estimate” within the meaning of Section 2.4 of NI 43-101.